OnTheMarket says that it has converted more agents to paying contracts.
This morning it said that it has added over 3,000 more offices to those already on long-term paying contracts at the time of its admission to AIM in February 2018.
Today’s announcement of numbers means a speeding up of conversion from free to paying. Some 650 branches have signed up to paying contracts within the last three months: on September 30, OTM had signed 2,346 more offices on paying contracts.
OTM said that altogether it now has over 12,500 offices listing properties on it, up from 5,500 at the time of admission. But it has not said exactly how many in total are now paying to belong.
OTM has however said that most of the branches signed up since admission to AIM were initially on short-term free trials. Conversion of those ‘freebies’ on to paying contracts has been a strategic focus for OTM.
Ian Springett, chief executive of OTM, said: “I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts. This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.
“It is further encouraging evidence of growing agent support. The ongoing growth in the number of branches under paying contracts is key to the group’s transition into profitability.
“Agent-backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.
“Our continued progress in attracting more agents to support the portal and our early success in attracting house-builders give us encouragement as we focus on achieving our key objectives for the coming year.”